SBI says it isn’t nodal bank for Re trade with Russia  | The Financial Express

SBI says it isn’t nodal bank for Re trade with Russia 

The SBI said it is “making necessary arrangements and processing requests”

SBI says it isn’t nodal bank for Re trade with Russia 
The Reserve Bank of India via a July 11 circular had authorised all the banks in India, including SBI, to open special rupee accounts to promote invoicing in the local currency.

The State Bank of India on Thursday said that it is opening special rupee vostro account to handle Russia-related trade settlements but is not the “nodal bank” for such business as reported by a section of the media.

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The Reserve Bank of India had issued a circular on July 11 that authorised all the banks in India, including SBI, to open special rupee accounts to promote invoicing in the local currency.

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The SBI said it is “making necessary arrangements and processing requests received from various banks, including Russian banks, duly following RBI guidelines” and its own policies and procedures.

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